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CMS Energy（CMS）与Coinbase（COIN）财务数据对比。点击上方公司名可切换其他公司
CMS Energy的季度营收约是Coinbase的1.2倍（$2.1B vs $1.8B），CMS Energy净利率更高（13.5% vs -37.4%，领先51.0%），CMS Energy同比增速更快（13.0% vs -21.6%），过去两年Coinbase的营收复合增速更高（4.3% vs -0.2%）
CMS Energy是总部位于美国密歇根州杰克逊市的能源企业，业务核心聚焦密歇根州公用事业运营。旗下核心主体Consumers Energy成立于1886年，为全州超600万居民提供电力及天然气服务，非公用事业板块则主要开展美国本土独立发电业务。
Coinbase是美国知名加密货币交易所，2012年由布莱恩·阿姆斯特朗与弗雷德·埃尔萨姆联合创立。截至2024年，平台拥有超1亿用户，业务覆盖100多个国家，是美国最大加密货币交易所、全球最大比特币托管机构，托管总资产近5160亿美元，持有约12%的流通比特币及11%的质押以太币。
CMS vs COIN — 直观对比
营收规模更大
CMS
是对方的1.2倍
$1.8B
营收增速更快
CMS
高出34.6%
-21.6%
净利率更高
CMS
高出51.0%
-37.4%
两年增速更快
COIN
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.1B | $1.8B |
| 净利润 | $289.0M | $-666.7M |
| 毛利率 | — | — |
| 营业利润率 | 20.4% | 15.4% |
| 净利率 | 13.5% | -37.4% |
| 营收同比 | 13.0% | -21.6% |
| 净利润同比 | 9.1% | -151.6% |
| 每股收益（稀释后） | $0.94 | $-2.43 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CMSCOIN
| Q4 25 | $2.1B | $1.8B | ||
| Q3 25 | $2.0B | $1.9B | ||
| Q2 25 | $1.8B | $1.5B | ||
| Q1 25 | $2.4B | $2.0B | ||
| Q4 24 | $1.9B | $2.3B | ||
| Q3 24 | $1.7B | $1.2B | ||
| Q2 24 | $1.6B | $1.4B | ||
| Q1 24 | $2.1B | $1.6B |
净利润CMSCOIN
| Q4 25 | $289.0M | $-666.7M | ||
| Q3 25 | $277.0M | $432.6M | ||
| Q2 25 | $201.0M | $1.4B | ||
| Q1 25 | $304.0M | $65.6M | ||
| Q4 24 | $265.0M | $1.3B | ||
| Q3 24 | $253.0M | $75.5M | ||
| Q2 24 | $198.0M | $36.1M | ||
| Q1 24 | $287.0M | $1.2B |
营业利润率CMSCOIN
| Q4 25 | 20.4% | 15.4% | ||
| Q3 25 | 24.4% | 25.7% | ||
| Q2 25 | 17.6% | -1.6% | ||
| Q1 25 | 20.6% | 34.7% | ||
| Q4 24 | 22.5% | 45.5% | ||
| Q3 24 | 21.4% | 14.1% | ||
| Q2 24 | 18.0% | 23.7% | ||
| Q1 24 | 19.2% | 46.4% |
净利率CMSCOIN
| Q4 25 | 13.5% | -37.4% | ||
| Q3 25 | 14.0% | 23.1% | ||
| Q2 25 | 11.2% | 95.4% | ||
| Q1 25 | 12.7% | 3.2% | ||
| Q4 24 | 14.0% | 56.8% | ||
| Q3 24 | 14.8% | 6.3% | ||
| Q2 24 | 12.6% | 2.5% | ||
| Q1 24 | 13.4% | 71.8% |
每股收益（稀释后）CMSCOIN
| Q4 25 | $0.94 | $-2.43 | ||
| Q3 25 | $0.92 | $1.50 | ||
| Q2 25 | $0.66 | $5.14 | ||
| Q1 25 | $1.01 | $0.24 | ||
| Q4 24 | $0.88 | $4.66 | ||
| Q3 24 | $0.84 | $0.28 | ||
| Q2 24 | $0.65 | $0.14 | ||
| Q1 24 | $0.96 | $4.40 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $509.0M | $11.6B |
| 总债务越低越好 | — | $7.2B |
| 股东权益账面价值 | $9.1B | $14.8B |
| 总资产 | $39.9B | $29.7B |
| 负债/权益比越低杠杆越低 | — | 0.49× |
8季度趋势，按日历期对齐
现金及短期投资CMSCOIN
| Q4 25 | $509.0M | $11.6B | ||
| Q3 25 | $362.0M | $9.8B | ||
| Q2 25 | $844.0M | $7.5B | ||
| Q1 25 | $465.0M | $8.1B | ||
| Q4 24 | $103.0M | $8.5B | ||
| Q3 24 | $412.0M | $7.7B | ||
| Q2 24 | $699.0M | $7.2B | ||
| Q1 24 | $802.0M | $6.7B |
总债务CMSCOIN
| Q4 25 | — | $7.2B | ||
| Q3 25 | — | $7.2B | ||
| Q2 25 | — | $4.2B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.2B | ||
| Q3 24 | — | $4.2B | ||
| Q2 24 | — | $4.2B | ||
| Q1 24 | — | $4.2B |
股东权益CMSCOIN
| Q4 25 | $9.1B | $14.8B | ||
| Q3 25 | $8.9B | $16.0B | ||
| Q2 25 | $8.4B | $12.1B | ||
| Q1 25 | $8.3B | $10.5B | ||
| Q4 24 | $8.2B | $10.3B | ||
| Q3 24 | $8.1B | $8.7B | ||
| Q2 24 | $8.0B | $8.4B | ||
| Q1 24 | $7.9B | $8.1B |
总资产CMSCOIN
| Q4 25 | $39.9B | $29.7B | ||
| Q3 25 | $38.0B | $31.4B | ||
| Q2 25 | $37.7B | $23.5B | ||
| Q1 25 | $36.3B | $21.7B | ||
| Q4 24 | $35.9B | $22.5B | ||
| Q3 24 | $34.8B | $290.6B | ||
| Q2 24 | $34.4B | $287.0B | ||
| Q1 24 | $33.9B | $348.0B |
负债/权益比CMSCOIN
| Q4 25 | — | 0.49× | ||
| Q3 25 | — | 0.45× | ||
| Q2 25 | — | 0.35× | ||
| Q1 25 | — | 0.40× | ||
| Q4 24 | — | 0.41× | ||
| Q3 24 | — | 0.48× | ||
| Q2 24 | — | 0.51× | ||
| Q1 24 | — | 0.52× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $478.0M | $3.1B |
| 自由现金流经营现金流 - 资本支出 | — | — |
| 自由现金流率自由现金流/营收 | — | — |
| 资本支出强度资本支出/营收 | — | — |
| 现金转化率经营现金流/净利润 | 1.65× | — |
| 过去12个月自由现金流最近4个季度 | — | — |
8季度趋势，按日历期对齐
经营现金流CMSCOIN
| Q4 25 | $478.0M | $3.1B | ||
| Q3 25 | $343.0M | $-784.5M | ||
| Q2 25 | $414.0M | $328.5M | ||
| Q1 25 | $1.0B | $-182.7M | ||
| Q4 24 | $403.0M | $964.6M | ||
| Q3 24 | $304.0M | $696.5M | ||
| Q2 24 | $707.0M | $484.2M | ||
| Q1 24 | $956.0M | $411.5M |
自由现金流CMSCOIN
| Q4 25 | — | — | ||
| Q3 25 | $-635.0M | — | ||
| Q2 25 | $-470.0M | — | ||
| Q1 25 | $112.0M | — | ||
| Q4 24 | — | — | ||
| Q3 24 | $-502.0M | — | ||
| Q2 24 | $26.0M | — | ||
| Q1 24 | $343.0M | — |
自由现金流率CMSCOIN
| Q4 25 | — | — | ||
| Q3 25 | -32.2% | — | ||
| Q2 25 | -26.1% | — | ||
| Q1 25 | 4.7% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | -29.3% | — | ||
| Q2 24 | 1.6% | — | ||
| Q1 24 | 16.0% | — |
资本支出强度CMSCOIN
| Q4 25 | — | — | ||
| Q3 25 | 49.5% | — | ||
| Q2 25 | 49.2% | — | ||
| Q1 25 | 37.0% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | 47.1% | — | ||
| Q2 24 | 43.2% | — | ||
| Q1 24 | 28.6% | — |
现金转化率CMSCOIN
| Q4 25 | 1.65× | — | ||
| Q3 25 | 1.24× | -1.81× | ||
| Q2 25 | 2.06× | 0.23× | ||
| Q1 25 | 3.29× | -2.79× | ||
| Q4 24 | 1.52× | 0.75× | ||
| Q3 24 | 1.20× | 9.23× | ||
| Q2 24 | 3.57× | 13.39× | ||
| Q1 24 | 3.33× | 0.35× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CMS
| Electric Utility | $1.3B | 59% |
| Gas Utility | $803.0M | 38% |
| North Star Clean Energy | $77.0M | 4% |
COIN
| Bank Servicing Consumer Net | $733.9M | 41% |
| Subscription And Circulation | $727.4M | 41% |
| Bank Servicing Institutional | $185.0M | 10% |
| Other Revenue | $71.1M | 4% |
| Bank Servicing Other | $63.8M | 4% |
| Related Party | $1.3M | 0% |
